Silicon Valley in the UK?

David Cameron has revealed plans to transform part of London into the UK’s take on Silicon Valley, creating the East London “Tech City”.

The Wikipedia page currently has an enormous list of agreements that have been made to develop the area, with investment from the likes of Facebook or Google.

Whatever your views on whether or not this will be a success, if it does succeed things could get pretty interesting.

But it does raise one question: is this a bit of a gamble? The UK’s economy is mostly built on finance (I imagine this is why the government is loathe to tax banks too heavily), so it would be a bit of a stretch to suggest this would immediately transform the economy. Any tangible results will also take time to develop.

Assuming it has the potential to succeed, will politicians (and the media) have the political patience?